Company Aims to Stir the Sharing Economy With a Blockchain Platform

ShareRing aims to let users access any available asset they wish to rent, borrow or share…

We have been hearing stories that at one point a blockchain-based system will replace today’s giants of sharing economy like Airbnb and Uber. Well, today we have a story depicting one such project, which aims to provide users with access to “any available asset they wish to rent, borrow or share.”

Called ShareRing, it wants to create a single platform from where users could rent or share just about any product and/or service, not just the most obvious ones like homes and cars. This kind of multi-product service will make it much easier for everyone to reap the benefits of the sharing economy, without registering for multiple services.

Creating an Amazon of the sharing economy

The company’s bold goal is to become the “Amazon of the sharing economy,” which will obviously take some time. Rome wasn’t built in a day and neither was Amazon.

ShareRing stems from Australia and it is this local feeling that could help the company better grasp what the market needs. After all, if you are looking to lease or rent something – in most cases, you want to do it from a local individual or company. What’s more, you want to conduct the transaction from a comfort of your smartphone, which is envisioned as an integral part of the ShareRing experience.

Speaking of that experience, it depicts allowing rental companies to create their own mini apps within ShareRing to reach more customers. A few such deals are already in the making, though no names have been name at the time of this writing.

We do know what kind of uses cases ShareRing wants to see on its platform; these include renting cars, trucks and trailers, as well as booking delivery drivers, swapping books, sharing gardens, co-housing, car sharing and social dining.

To make all this possible, ShareRing is developing its own blockchain platform, called ShareLedger, which will support what are described as “highly customizable” smart contracts that will be used for completing transactions. Also, the same technology will ensure the seamless user experience that won’t require advanced technical knowledge in order to use the platform.

The project will kick off with vehicle sharing

It is worth noting that the team behind ShareRing already has experience in the sharing economy having started the vehicle-sharing brand Keaz in 2013. The underlying technology, called KeazACCESS, is now powering the service in five countries. And now the idea is to “take things to the next level” with the help of blockchain.

The company argues that although the sharing economy has been around for quite some time, most users have hard time naming five such businesses; most answer Airbnb and Uber, which only cover two types of assets available to the public.

ShareRing hopes to tackle more of the sharing economy, and will start with what it already knows best — vehicle sharing — and grow from there.

The ShareToken

The upcoming platform will have its own token, ShareToken, that will be used to conduct commerce on the platform.

Another part of the system, SharePay, will be used as a gateway for payments, with each transaction coming with a small fee. Also, the company will have one-off charges whenever individuals or businesses add an asset to the platform.

As far as users are concerned, the entire platform will be accessible through ShareRing’s “clever, integrated app” that will use geolocation data to show users which services are available nearby.

The plan

ShareRing’s blockchain system is expected to be publicly available by September, with KeazACCESS being the first “client” integrated into ShareLedger.

In the meantime, the company will hold a “token sharing event” in May, and also run few token hunts and several other competitions to spread the word and raise awareness of the project.

The plan is to have up to 1 million assets on the platform within two years.

DISCLAIMER: Opinions expressed here are author's alone, not those of any partner bank, credit card issuer, hotel, airline, or other partner. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Find us on Facebook

The most interesting stories are here!Get them today - every week in your inbox, forFREE!

Disclaimer

Any opinions, analysis, reviews or recommendations expressed in on this site are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by a third party.

Awesome! We have more content to help you make more money. And save it for the rainy days. Tell us where to send you the good stuff. It's FREE, of course.

Wallet Weekly is part of an affiliate sales network and receives compensation for sending traffic to partner sites. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Wallet Weekly does not include all financial companies or all available financial offers.